HOUSING & LOAN INFORMATION The Houston Texans and the NFL agreed to a deal Monday that will send the team to a new stadium in 2020, the team announced.
The deal is a major step in Houston’s effort to get its franchise back on track after nearly a decade of neglect and has helped the team avoid an embarrassing loss to the Dallas Cowboys.
The new stadium is expected to be completed in 2020.
The stadium deal is worth more than $2 billion and was announced just hours after the Texans lost to the Cowboys.
It was the first major football stadium construction project to be announced by the NFL and was backed by the Texans, who will also share in some revenues.
The Texans’ lease at NRG Stadium, the home of the team’s home opener, runs through 2020.
Houston had hoped to have its franchise there for a full 20 years, but the team has been outbid by an American Airlines Arena in Dallas.
The team said in the deal it would invest $1 billion to help bring its team back to the NFL, but that it had not yet decided whether it would return to Houston.
The NFL, which has also invested in a new arena in Denver, said it will pay the $1.5 billion price tag.
The Houston franchise will have to pay $1 million in relocation fees for the next four years.
The move comes a year after the Houston Texans’ owner, Bob McNair, left the team, and the franchise went into receivership.
The Raiders had also been linked to moving to Las Vegas, and Oakland Raiders owner Mark Davis has said that he is open to the idea of relocating the Raiders to Los Angeles, which is where the Chargers have a team.
The league has also said that it would be interested in building a new NFL stadium in Atlanta.
The Texas franchise will play at NRGs new $1,100 million stadium, which opened in 2020 and is scheduled to open in 2022.
Houston’s new stadium will be the first NFL stadium constructed in Texas.
It is expected that it will host the NFL’s annual preseason games, the NFL regular season, regular-season playoff games and some preseason exhibition games.
The football team is the only NFL franchise in Texas that will be able to play its home games in NRG.
The price tag of the stadium is believed to be about $2.2 billion.
The contract is worth an estimated $1 in public revenue, and it is expected the team will earn more than half that in stadium-related revenue.